Lack of electricity costs Nigeria $25bn annually – REA MD
Nigeria suffers an estimated annual loss of $25 billion due to the ongoing electricity crisis, according to Abba Aliyu, managing director of the Rural Electrification Agency (REA).
During a recent memorandum signing in Abuja with Galaxy Backbone, Aliyu emphasized the need for robust electricity and digital infrastructure.
“This partnership aims to improve electricity access and digital connectivity for critical public institutions like schools, hospitals, and security agencies across the nation,” Aliyu stated.
He highlighted that this initiative aligns with President Bola Tinubu’s vision of establishing a $1 trillion economy through inclusive growth.
Aliyu pointed out that the lack of electricity continues to hinder development in underserved communities.
“We are demonstrating how collaboration between government agencies can contribute to national development. Today, we are planting the seed to unlock a $25 billion economy,” he noted.
He further addressed the correlation between electricity access and financial inclusion, remarking, “Where there is no electricity, there is no financial inclusion, and the potential for digital value creation is lost.”
Nigeria has the highest number of people without electricity globally, which directly impacts its digital economy ambitions.
Prof. Ibrahim Adeyanju, Managing Director of Galaxy Backbone, supported these claims by explaining how the partnership will make key public institutions more efficient.
“We will begin by deploying electricity and internet infrastructure to federal institutions in Abuja, including the National Hospital and various security agencies,” Adeyanju mentioned.
He emphasized the goal of extending infrastructure to the local government level, aligning with President Tinubu’s strategy to enhance grassroots governance.
“Providing access to internet and electricity at the local government level will transform local administration,” he added.
Both agencies reaffirmed their commitment to ensuring that no community is left behind as part of the Renewed Hope Agenda of the current administration, focusing on electrification, digital infrastructure, and inclusive service delivery.
Source: PUNCH
